Chinese stocks on Wednesday extended their rally triggered by Beijing’s stimulus bazooka, though optimism elsewhere in the region could not be sustained

China has rolled out a new round of stimulus measures aimed at reviving its slowing economy. The central bank has announced steps to lower borrowing costs, increase liquidity, and provide relief to struggling households by easing mortgage repayments.

The US dollar to offshore Chinese yuan, or CNH rate fell to as low as 6.9951, the first time it breached the 7 per dollar level since May 2023.

Chinese and Hong Kong stocks extended gains as investors processed Beijing's comprehensive stimulus package. Measures include rate cuts and mortgage easing, aiming to stabilize the property market. Analysts,

China's yuan hit a 16-month high against the U.S. dollar on Tuesday, after the central bank of the world's second-largest economy revealed new stimulus measures, while the greenback extended declines against other major currencies after soft data on the consumer.

China's yuan briefly rose to its strongest level in over a year after Beijing unveiled a slate of stimulus measures to shore up the slowing economy.

China unveiled some of its boldest measures in years on Tuesday aimed at boosting its struggling economy as leaders grapple with a prolonged property sector debt crisis, continued deflationary pressur

China's yuan hit a 16-month high against the U.S. dollar on Tuesday, after the central bank of the world's second-largest economy revealed new stimulus measures, while the greenback extended declines after soft data on the consumer.